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_ <br />operations described above to be initially owned and operated <br />by the Bor�`ower and pursuant to a revenue agreement between the <br />City and Borrower upon such terms and conditions with <br />provisions for revision from tirne to time as necessary, so as <br />to produce income and revenues sufficient to pay, when due, the <br />principal of and interest on the Revenue Bonds in the maximum <br />� aggregate principal amount of $400,000 to be issued pursuant to <br />- the Act to finance the acquisition, construction and equipping <br />of the Project; and said agreement rnay also provide for the <br />entire interest of Borrower therein to be mortgaged to the <br />purchaser of the Revenue Bonds; and the City hereby undertakes <br />preliminarily to issue its Revenue Bonds in accordance with <br />such terms and conditions; • <br />2. On the basis of information available`to this Council <br />it appears, and the Council hereby finds, that_the Project <br />constitutes properties, real and personal, used or useful in <br />connection with one or more revenue producing enterprises <br />engaged in any business within the meaning of Subdivision la of <br />: Section 474.02 of the Act; that the Project furthers the <br />purposes stated in Section 474.01, Minnesota Statutes; that the <br />Project would not be undertaken but for the availability of <br />industrial bond finaneing that the availability of the <br />f inancing under the Act and willingness of the City to furnish <br />such financing will.be a substantial inducement to Borrower to <br />unde�take the P,roject, and that the effect of the Project, if - <br />undertaken, will be to encourage the development of <br />economically sound industry and commerce, to assist in the <br />prevention of the emergence of blighted and marginal land, to <br />help prevent chronic unemployment, to help the City retain and <br />improve the tax base and to provide the range of service and <br />employment opportunities required by the population, to help : <br />prevent the movement of talented and educated persons out of <br />the state and to areas within the State where their serviceS <br />may not be as effectively used, to promote more intensive <br />development and use of land within the City and eventually to <br />_ increase the tax base of the community; <br />3. The`Project is hereby given preliminary approval by <br />the City subject to the approval of the Project by the <br />�Minnesota Energy and Economic Development Authority or such <br />other state officer having authority to grant approval (the <br />"Authority"), and subject to final approval by this Council, <br />Company, and the purchaser of the Revenue Bonds as to the ulti- <br />mate details of the financing of the Project; <br />� _ <br />, <br />' . <br />�: <br />